A recent survey by Savings.com reveals that parents of adult children are offering unprecedented financial support, averaging $1,474 per month. Approximately 50% of these parents provide ongoing assistance, often sacrificing their own financial stability to do so. This trend is especially pronounced among Gen Z and Millennial children. While parents commonly help with groceries, bills, and vacations, they often attach conditions to the support. Notably, nearly 40% of parents express concern that this assistance may taper off in the near future, underscoring the challenges families face amidst economic pressures.
Based on a survey from Savings.com, the average monthly support for adult children has reached $1,474, reflecting a significant trend in parental financial assistance.
Nearly half of the parents surveyed reported having sacrificed their own financial security to assist their adult children, spending far more on them than on retirement.
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